Entertainment retailer HMV has insisted it remains a viable business, despite revealing that sales fell further over the all-important Christmas season.
The chain revealed today that group like-for-like (LFL) sales were down by 8.1 per cent in the five weeks to December 31. However, LFL technology sales at the 144 HMV outlets recently refurbished to include a wider range of portable digital items were up 51 per cent.
“We are seeing a combination of a slowing of the decline in music and film, and acceleration in the growth of technology,” said chief executive Simon Fox. “Undoubtedly trading conditions and the consumer environment remain challenging, but we remain confident in HMV's future prospects.”
HMV owns a total of 252 stores across the UK, but recently sold bookseller Waterstone’s and hinted at plans to find a buyer for its live music operation. The group made a pre-tax loss of £45.7m over the 26 weeks to October 29, up from £27.4m during the same period in 2010.
Department store chain John Lewis last week said its performance over the Christmas period had been “outstanding”, with both in-store and online sales on the increase.
